风险投资行业专长影响企业IPO审核吗?--来自中小板和创业板的经验证据

Does Industrial Specialty of Venture Capital Affect IPO Review and Approval?Empirical Evidence from SME Board and GEM

文章选取2009-2016年深交所中小板和创业板申请IPO的企业为研究对象,探究风险投资行业专长对企业IPO审核通过率、IPO后长期市场业绩及财务业绩波动的影响。研究发现,高行业专长风险投资机构有助于提升企业IPO审核通过率,且这种提升作用在熊市期间更显著;高行业专长风险投资机构对企业IPO后长期市场业绩有正向促进作用,有助于抑制企业IPO后财务业绩波动,且上述影响在熊市期间更显著。机制检验发现,高行业专长风险投资机构的优势主要体现在能更好地发挥增值服务和监督控制作用,在投资前的筛选企业能力方面并无明显优势。

Based on the firms of Shenzhen SME Board and GEM that apply for IPO,this paper explores the effect of venture capital’s industrial specialty on approval probability of IPO application,Post-IPO long-term market performance,and firm performance fluctuations.The result shows that venture capitals with high industrial specialty promote the approval probability of IPO application,and this effect is more significant in bear market sample.Venture capitals with high industrial specialty promote the Post-IPO long-term market performance and inhibit the Post-IPO performance fluctuations,and the above effects are also significant in bear market sample.Mechanism test finds that venture capitals with high industrial specialty show an advantage mainly in the value-added services and supervision after invest,and have no obvious advantage in the ability to screen firms before invest.